All Forum Posts by: Brian Zaug

I'm doing a cash out refi and my lender said I could lock in the interest rate now or wait until day before closing which will be about month if things go smoothly.  I'm refinancing to a 30 year residential and I have perfect credit and low debt/income. 

What would you do? 

Do you see the rates changing for better or worse in the near future? 

@Frank Chin

Thanks for that story and you made some great points.  It'll cost me quite a bit of money to get her out, clean the apartment, and find a new tenant.  All over $300...Certainly doesn't seem worth it.  My guess is that she will be back on full rent reimbursement next month.  I'm thinking of setting up schedule with her for the next few months to pay this back...Maybe 100 a month for 3 months...

@

I was under the assumption that the grace period didn't include any late fee's.  Kind of like my mortgage on my house.  It's due the 1st but I can pay it up until the 15th without any late fee.  I have to check the language in my lease. 

So this duplex I have is rented with section 8 tenants.   I  received a call the other day, as well as a letter,  from the Sect. 8 dept. saying that my tenants voucher has been reduced from $1100 (full rent) to $800 due to the tenant getting a job.  So now the Tenant is responsible for 300 a month.  Her and I both received this letter and call.  A day later, my tenant called me saying that the job was temporary and that she will be receiving the full rent reimbursement again.  I called the sect. 8 office to confirm this and they said that she never handed in the paperwork necessary for this to readjust back to the full rent reimbursement.  This is typical of this tenant. 

 I called her 2 days ago to give her the heads up because rent will be due soon and she already says she doesn't have the money.  I do have a grace period in the lease of 4 days so if she doesn't pay her portion ($300) of the rent by then, I'll add the late fee but could I also hit her with the Pay or Quit notice?   The $800 from sect. 8 gets direct deposited on the 1st. 

 Could I accept the $800 and still file for eviction due to her not paying her part ($300)?  

 Is there a better route I should take? 

She's been an ok tenant.  Would take a good amount of work/money to clean that apartment up so I'd prefer not to kick her out...

Thanks in advance...

That area north of the arterial is not my favorite section of Poughkeepsie. I don't look at the houses on Thompson or any of those surrounding streets like smith, winikee, mansion, high, etc. I agree that the ARV's on that section are low but you can purchase pretty low so there is some money to be made, especially cash flow.

 Call your local section 8 office first and confirm that the house you are looking at can be used for section 8 tenants.  If so, go for it!  Fix it up so you don't get to many maintenance calls, move in your screened section 8 tenants, set up bill pay so you rent gets direct deposited,  sit back and collect.  What ever goes on at that house, so be it....

I have a duplex with sec 8 tenants and it's been my best property.  Rent is always paid in full but the agency, if the tenants screw up, I can threaten them with calling the agency.  Pretty good leverage over them as they don't want to lose that housing voucher....NY has a loooooooong waiting list to get back on it..

 Hey Patrick, I'm planning on going right over the old plaster and wallpaper with beadboard paneling or planks.  No way I'm touching that wallpaper. 

Eric Hrlbock, I will definitely look at Costco for some of the material.  Thanks

Yeah I know it's a lot for 3 days.  I have 3-4 other people with a mixed bag of skills helping me.  Even if we just get the walls fixed up and the cabinets, sink, and top installed, I can do the flooring and windows when they are there.  This way they at least have a functioning kitchen. 

Hey Jim.  Thanks for the tips.  I might go with your idea and start from the ceiling, then about 3-4 ft from the floor, add a chair rail, cover the seem, then paint two different colors.   Unfortunately, dry walling is out of the question.  I don't have a big enough crew to demo, install, tape, 3 coats, prime and paint in 3 days.  My very vague schedule looks like this:

day 1- demo, minor plumbing, fix cracks in ceiling and prep for prime.  Begin panel installation, install replacement windows in the 2 kitchen windows

day 2- prime ceiling, finish installing panels (trim, caulk, and paint), install kitchen cabinets

day 3- paint ceiling, install sink and countertop, install floor lvt flooring

Hope there aren't too many suprises and this goes as planned...